China Plans to Launch Its Own Cryptocurrency to Protect Yuan Against the Latest Crypto Onslaught

China Plans to Launch Its Own Cryptocurrency to Protect Yuan Against the Latest Crypto Onslaught

China seems to further doubling down on its efforts to ban cryptocurrencies or any related activity in the country. Deputy Governor of the People’s Bank of China, Fan Yifei, in his latest speech said that the government is making every attempt to reduce the influence of cryptocurrency in the country.

The central bank also said that digital currencies will remain as the top priority and every effort shall be made to protect and save the integrity of the national currency ‘Chinese Yuan’. Yifei also said that the government agency will reinforce its regulatory both internally and also with external parties “to rectify different kind of cryptocurrencies”.

The Deputy Governor also shared that the central bank is working on a plan to launch its own version of cryptocurrency. It is being said that PBoC has been heavily investing for research and development of the blockchain technology.

Cryptocurrencies have presented a very appealing and secure economic model from the point of easy distribution and unlimited tractability. The central bank said that it wants to use the digital currency but it measures aims at curbing all the speculations and double down on its efforts for the development of real economy.

It also stated that PBoC is the first global institution to take a tough stand on digital currencies but simultaneously also commit to the potential of blockchain technology. The main reason behind this new project is to further ensure the circulation of Chinese currency. The central bank further aims to tightly supervise and further improve quality management to stand against the competition from other global digital currencies.

Hardik is a passionate web developer and designer writing about fintech, cryptocurrencies, and financial industries. He worked as a digital marketer with the number of cryptocurrency and financial projects.